Promissory Note between Ampersand Medical Corporation and AccuMed International, Inc. dated July 27, 2001

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Summary

Ampersand Medical Corporation agrees to repay AccuMed International, Inc. $100,000 plus 12% annual interest by August 3, 2001. Additionally, Ampersand will pay a one-time $10,000 fee to AccuMed by August 31, 2001 as extra consideration for the loan. The agreement is formalized in Chicago, Illinois, and is signed by Ampersand's president.

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EX-10.3 5 v74692ex10-3.txt EXHIBIT 10.3 1 EXHIBIT 10.3 PROMISSORY NOTE $100,000.00 July 27, 2001 Chicago, Illinois Ampersand Medical Corporation, with offices at 414 N. Orleans, Suite 510, Chicago, IL 60610, hereby promises to pay to AccuMed International, Inc., with offices at 920 N. Franklin Street, Suite 402, Chicago, IL 60610, the sum of $100,000.00, plus interest computed at the rate of 12% per annum, on or before August 3, 2001. As additional consideration, Ampersand will also pay a one time fee of $10,000.00, which shall be due and payable by August 31, 2001, as an inducement and additional consideration for this note. AMPERSAND MEDICAL CORPORATION By: /s/ LEONARD R. PRANGE ------------------------------- President